Retailers and consumer brands eager to sell online globally use Pattern’s platform to help them understand and grow their businesses.
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The Salt Lake City-based e-commerce platform has now raised its first round of institutional funding: a $52 million Series A financing round to drive its international expansion and proprietary technology, co-founder and CEO Dave Wright told Crunchbase News.
The investment was led co-led by Ainge Advisory and KSV Global with participation from unnamed technology entrepreneurs, CEOs, professional sports figures, as well as institutional investment arms of large family offices, such as Duchossois Capital Management and Carlson Private Capital.
Wright touted the deal as one of the largest Series A investments by a female co-founded company in history. He and Melanie Alder, chief investment officer, founded the company in 2013, and estimate earning $500 million in annual revenue this year.
How it works
On average, brands can see a 40 percent increase in online sales during their first year using Pattern, according to the company.
Pattern’s two products, Predict and Shelf, provide sellers, such as Nestle, with data-driven views into their e-commerce operations and performance across key metrics, such as search engine optimization, advertising, pricing competitiveness and global distribution.
“Pattern has been a game changer for us,” said client Kyle Bliffert, president of Atrium Innovations, said in a written statement. “The global e-commerce growth we have experienced by leveraging Pattern’s expertise is extraordinary,”
So why raise funding now? Pattern has 18 offices, most recently opening in Germany, and sought partners to help it open new offices, Wright said.
“When you start looking at our big vision and what we are trying to do, we finally were looking for partners since November, and found an initial partner, but it didn’t work out,” he added. “We’ve now found a good partner and feel good about it.”
Cameron Tanner, managing director at Ainge Advisory, said in a written statement that “by combining a winning culture, market-leading growth, innovative technology and healthy profitability, Melanie and Dave were able to reach a level of market leadership that is incredibly rare without raising outside capital.”
Next steps for Pattern
Pattern currently has more than 400 employees and is planning to grow as the company explores opening new offices in Asia, Europe, and the Middle East. Wright expects Japan and India to be on the list over the next year.
“We are listening to where our partners want us to go,” he said. “We are also going to invest in the content video side of the business, as well as have seen influencer marketing and social media dominating their categories.”
Illustration: Li-Anne Dias